<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
April 30, 1999
-------------------------------------
Date of report (Date of earliest event reported)
Hexcel Corporation
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-8472 94-1109521
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(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
Two Stamford Plaza
281 Tresser Boulevard
Stamford, Connecticut 06901-3238
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(Address of Principal Executive Offices and Zip Code)
(203) 969-0666
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(Registrant's telephone number, including area code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
1
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Item 5. OTHER EVENTS.
On September 15, 1998, the Company acquired the industrial fabrics
business from Clark-Schwebel, Inc. and its subsidiaries. The acquired
Clark-Schwebel business is engaged in the manufacture and sale of
high-quality fiberglass fabrics, which are used to make printed
circuit boards for electronic equipment such as computers, cellular
telephones, televisions, and automobiles. The acquired Clark-Schwebel
business also produces high performance specialty products for use in
insulation, filtration, wall and facade claddings, soft body armor and
reinforcements for composite materials.
The attached exhibits present the Company's pro forma (as if the
acquisition of the Clark-Schwebel business occurred on January 1,
1998) and actual business segment data and net sales to third-party
customers by product group, for each of the quarters ended March 31,
June 30, September 30 and December 31, 1998, as well as for the year
ended December 31, 1998.
Item 7. EXHIBITS.
99.1 Unaudited Pro Forma 1998 Business Segment Data.
99.2 Unaudited Actual 1998 Business Segment Data.
99.3 Unaudited Pro Forma 1998 Net Sales to Third-Party Customers by
Product Group and Market Segment.
99.4 Unaudited Actual 1998 Net Sales to Third-Party Customers by
Product Group and Market Segment.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: April 30, 1999
HEXCEL CORPORATION
By: /s/ WAYNE C. PENSKY
-------------------
Name: Wayne C. Pensky
Title: Vice President;
Corporate Controller;
Chief Accounting Officer
2
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Exhibit 99.1
HEXCEL CORPORATION AND SUBSIDIARIES
PRO FORMA 1998 BUSINESS SEGMENT DATA
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------
REINFORCEMENT COMPOSITE ENGINEERED CORPORATE
(IN MILLIONS) PRODUCTS MATERIALS PRODUCTS & OTHER(1) TOTAL
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PRO FORMA FIRST QUARTER 1998
Net sales to external customers $ 103.4 $ 164.1 $ 49.7 $ - $ 317.2
Intersegment sales 35.1 3.0 - - 38.1
- -----------------------------------------------------------------------------------------------------------------------
Total sales 138.5 167.1 49.7 - 355.3
Adjusted EBIT(2) 22.4 26.1 2.9 (9.0) 42.4
Depreciation and amortization 9.4 4.2 0.8 0.7 15.1
Capital expenditures 4.8 6.5 0.9 0.3 12.5
- -----------------------------------------------------------------------------------------------------------------------
PRO FORMA SECOND QUARTER 1998
Net sales to external customers 97.6 170.6 56.6 - 324.8
Intersegment sales 35.1 3.2 - - 38.3
- -----------------------------------------------------------------------------------------------------------------------
Total sales 132.7 173.8 56.6 - 363.1
Adjusted EBIT 22.0 23.1 5.5 (6.2) 44.4
Depreciation and amortization 8.8 4.3 0.9 0.8 14.8
Capital expenditures 5.8 8.8 2.0 1.0 17.6
- -----------------------------------------------------------------------------------------------------------------------
PRO FORMA THIRD QUARTER 1998
Net sales to external customers 82.2 157.3 49.8 - 289.3
Intersegment sales 30.5 3.1 - - 33.6
- -----------------------------------------------------------------------------------------------------------------------
Total sales 112.7 160.4 49.8 - 322.9
Adjusted EBIT 15.8 18.7 3.6 (7.2) 30.9
Depreciation and amortization 8.5 4.5 0.9 0.8 14.7
Capital expenditures 4.2 8.0 1.7 1.2 15.1
- -----------------------------------------------------------------------------------------------------------------------
PRO FORMA FOURTH QUARTER 1998
Net sales to external customers 87.4 161.5 54.6 - 303.5
Intersegment sales 29.6 2.5 - - 32.1
- -----------------------------------------------------------------------------------------------------------------------
Total sales 117.0 164.0 54.6 - 335.6
Adjusted EBIT 14.7 19.2 4.1 (8.5) 29.5
Depreciation and amortization 10.6 4.1 1.1 0.8 16.6
Capital expenditures 9.9 9.9 4.7 0.4 24.9
- -----------------------------------------------------------------------------------------------------------------------
PRO FORMA YEAR-TO-DATE 1998
Net sales to external customers 370.6 653.5 210.7 - 1,234.8
Intersegment sales 130.3 11.8 - - 142.1
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Total sales 500.9 665.3 210.7 - 1,376.9
Adjusted EBIT 74.9 87.1 16.1 (30.9) 147.2
Depreciation and amortization 37.3 17.1 3.7 3.1 61.2
Capital expenditures $ 24.7 $ 33.2 $ 9.3 $ 2.9 $ 70.1
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------------------------
(1) The company does not allocate corporate expenses to its business segments.
(2) Consists of earnings before interest, taxes, equity in earnings of
affiliated companies and business acquisition and consolidation expenses.
3
<PAGE>
Exhibit 99.2
HEXCEL CORPORATION AND SUBSIDIARIES
ACTUAL 1998 BUSINESS SEGMENT DATA
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
UNAUDITED
--------------------------------------------------------------------------------
REINFORCEMENT COMPOSITE ENGINEERED CORPORATE
(IN MILLIONS) PRODUCTS MATERIALS PRODUCTS & OTHER(3) TOTAL
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FIRST QUARTER 1998
Net sales to external customers $ 42.9 $ 164.1 $ 49.7 $ - $ 256.7
Intersegment sales 35.1 3.0 - - 38.1
- -----------------------------------------------------------------------------------------------------------------------
Total sales 78.0 167.1 49.7 - 294.8
Adjusted EBIT(4) 13.7 26.1 2.9 (9.0) 33.7
Depreciation and amortization 4.3 4.2 0.8 0.7 10.0
Capital expenditures 3.8 6.5 0.9 0.3 11.5
- -----------------------------------------------------------------------------------------------------------------------
SECOND QUARTER 1998
Net sales to external customers 46.3 170.6 56.6 - 273.5
Intersegment sales 35.1 3.2 - - 38.3
- -----------------------------------------------------------------------------------------------------------------------
Total sales 81.4 173.8 56.6 - 311.8
Adjusted EBIT 15.8 23.1 5.5 (6.2) 38.2
Depreciation and amortization 3.8 4.3 0.9 0.8 9.8
Capital expenditures 4.0 8.8 2.0 1.0 15.8
- -----------------------------------------------------------------------------------------------------------------------
THIRD QUARTER 1998
Net sales to external customers 48.2 157.3 49.8 - 255.3
Intersegment sales 30.5 3.1 - - 33.6
- -----------------------------------------------------------------------------------------------------------------------
Total sales 78.7 160.4 49.8 - 288.9
Adjusted EBIT 13.2 18.7 3.6 (7.2) 28.3
Depreciation and amortization 4.9 4.5 0.9 0.8 11.1
Capital expenditures 3.4 8.0 1.7 1.2 14.3
- -----------------------------------------------------------------------------------------------------------------------
FOURTH QUARTER 1998
Net sales to external customers 87.4 161.5 54.6 - 303.5
Intersegment sales 29.6 2.5 - - 32.1
- -----------------------------------------------------------------------------------------------------------------------
Total sales 117.0 164.0 54.6 - 335.6
Adjusted EBIT 14.7 19.2 4.1 (8.5) 29.5
Depreciation and amortization 10.6 4.1 1.1 0.8 16.6
Capital expenditures 9.9 9.9 4.7 0.4 24.9
- -----------------------------------------------------------------------------------------------------------------------
YEAR-TO-DATE 1998
Net sales to external customers 224.8 653.5 210.7 - 1,089.0
Intersegment sales 130.3 11.8 - - 142.1
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Total sales 355.1 665.3 210.7 - 1,231.1
Adjusted EBIT 57.4 87.1 16.1 (30.9) 129.7
Depreciation and amortization 23.6 17.1 3.7 3.1 47.5
Capital expenditures $ 21.1 $ 33.2 $ 9.3 $ 2.9 $ 66.5
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
- ------------------------------
(3) The company does not allocate corporate expenses to its business segments.
(4) Consists of earnings before interest, taxes, equity in earnings of
affiliated companies and business acquisition and consolidation expenses.
4
<PAGE>
Exhibit 99.3
HEXCEL CORPORATION AND SUBSIDIARIES
PRO FORMA 1998 NET SALES TO THIRD-PARTY CUSTOMERS BY PRODUCT GROUP AND MARKET
SEGMENT
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------
COMMERCIAL SPACE & GENERAL
(IN MILLIONS) AEROSPACE DEFENSE ELECTRONICS INDUSTRIAL RECREATION TOTAL
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PRO FORMA FIRST QUARTER 1998 NET SALES
Reinforcement products $ 11.2 $ 7.2 $ 52.2 $ 26.8 $ 6.0 $ 103.4
Composite materials 118.8 21.4 - 13.3 10.6 164.1
Engineered products 46.1 2.8 - 0.8 - 49.7
- -------------------------------------------------------------------------------------------------------------------------
Total $ 176.1 $ 31.4 $ 52.2 $ 40.9 $ 16.6 $ 317.2
56% 10% 16% 13% 5% 100%
- -------------------------------------------------------------------------------------------------------------------------
PRO FORMA SECOND QUARTER 1998 NET SALES
Reinforcement products $ 13.0 $ 7.4 $ 45.4 $ 27.6 $ 4.2 $ 97.6
Composite materials 122.9 22.9 - 12.6 12.2 170.6
Engineered products 53.3 2.3 - 1.0 - 56.6
- -------------------------------------------------------------------------------------------------------------------------
Total $ 189.2 $ 32.6 $ 45.4 $ 41.2 $ 16.4 $ 324.8
58% 10% 14% 13% 5% 100%
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PRO FORMA THIRD QUARTER 1998 NET SALES
Reinforcement products $ 11.2 $ 7.0 $ 36.5 $ 23.1 $ 4.4 $ 82.2
Composite materials 113.7 22.5 - 12.6 8.5 157.3
Engineered products 45.9 2.6 - 1.3 - 49.8
- -------------------------------------------------------------------------------------------------------------------------
Total $ 170.8 $ 32.1 $ 36.5 $ 37.0 $ 12.9 $ 289.3
59% 11% 13% 13% 4% 100%
- -------------------------------------------------------------------------------------------------------------------------
PRO FORMA FOURTH QUARTER 1998 NET SALES
Reinforcement products $ 10.7 $ 4.8 $ 45.2 $ 23.7 $ 3.0 $ 87.4
Composite materials 112.5 22.8 - 18.9 7.3 161.5
Engineered products 49.7 3.5 - 1.4 - 54.6
- -------------------------------------------------------------------------------------------------------------------------
Total $ 172.9 $ 31.1 $ 45.2 $ 44.0 $ 10.3 $ 303.5
57% 10% 15% 15% 3% 100%
- -------------------------------------------------------------------------------------------------------------------------
PRO FORMA YEAR-TO-DATE 1998 NET SALES
Reinforcement products $ 46.1 $ 26.4 $ 179.3 $ 101.2 $ 17.6 $ 370.6
Composite materials 467.9 89.6 - 57.4 38.6 653.5
Engineered products 195.0 11.2 - 4.5 - 210.7
- -------------------------------------------------------------------------------------------------------------------------
Total $ 709.0 $ 127.2 $ 179.3 $ 163.1 $ 56.2 $ 1,234.8
57% 10% 15% 13% 5% 100%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
Exhibit 99.4
HEXCEL CORPORATION AND SUBSIDIARIES
ACTUAL 1998 NET SALES TO THIRD-PARTY CUSTOMERS BY PRODUCT GROUP AND MARKET
SEGMENT
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
UNAUDITED
-----------------------------------------------------------------------------------------
COMMERCIAL SPACE & GENERAL
(IN MILLIONS) AEROSPACE DEFENSE ELECTRONICS INDUSTRIAL RECREATION TOTAL
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST QUARTER 1998 NET SALES
Reinforcement products $ 3.2 $ 7.2 $ 12.4 $ 14.1 $ 6.0 $ 42.9
Composite materials 118.8 21.4 - 13.3 10.6 164.1
Engineered products 46.1 2.8 - 0.8 - 49.7
- -------------------------------------------------------------------------------------------------------------------------
Total $ 168.1 $ 31.4 $ 12.4 $ 28.2 $ 16.6 $ 256.7
66% 12% 5% 11% 6% 100%
- -------------------------------------------------------------------------------------------------------------------------
SECOND QUARTER 1998 NET SALES
Reinforcement products $ 5.1 $ 7.4 $ 12.6 $ 17.0 $ 4.2 $ 46.3
Composite materials 122.9 22.9 - 12.6 12.2 170.6
Engineered products 53.3 2.3 - 1.0 - 56.6
- -------------------------------------------------------------------------------------------------------------------------
Total $ 181.3 $ 32.6 $ 12.6 $ 30.6 $ 16.4 $ 273.5
66% 12% 5% 11% 6% 100%
- -------------------------------------------------------------------------------------------------------------------------
THIRD QUARTER 1998 NET SALES
Reinforcement products $ 5.5 $ 7.0 $ 15.0 $ 16.3 $ 4.4 $ 48.2
Composite materials 113.7 22.5 - 12.6 8.5 157.3
Engineered products 45.9 2.6 - 1.3 - 49.8
- -------------------------------------------------------------------------------------------------------------------------
Total $ 165.1 $ 32.1 $ 15.0 $ 30.2 $ 12.9 $ 255.3
64% 13% 6% 12% 5% 100%
- -------------------------------------------------------------------------------------------------------------------------
FOURTH QUARTER 1998 NET SALES
Reinforcement products $ 10.7 $ 4.8 $ 45.2 $ 23.7 $ 3.0 $ 87.4
Composite materials 112.5 22.8 - 18.9 7.3 161.5
Engineered products 49.7 3.5 - 1.4 - 54.6
- -------------------------------------------------------------------------------------------------------------------------
Total $ 172.9 $ 31.1 $ 45.2 $ 44.0 $ 10.3 $ 303.5
57% 10% 15% 15% 3% 100%
- -------------------------------------------------------------------------------------------------------------------------
YEAR-TO-DATE 1998 NET SALES
Reinforcement products $ 24.5 $ 26.4 $ 85.2 $ 71.1 $ 17.6 $ 224.8
Composite materials 467.9 89.6 - 57.4 38.6 653.5
Engineered products 195.0 11.2 - 4.5 - 210.7
- -------------------------------------------------------------------------------------------------------------------------
Total $ 687.4 $ 127.2 $ 85.2 $ 133.0 $ 56.2 $ 1,089.0
63% 12% 8% 12% 5% 100%
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
